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Legal Aspects of Financial Services Regulation and the Concept of a Unified Regulator

Author

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  • Kenneth Kaoma Mwenda

Abstract

This study addresses the legal and policy issues underpinning the development of, and the strengthening of the regulatory and institutional framework for unified financial services supervision. The study discusses developments in a number of jurisdictions, among them Australia, Canada, Estonia, Germany, Hungary, Ireland, Latvia, Malta, the Scandinavian countries, the United Kingdom, and the United States. Chapter 1 examines conceptual issues to be taken into account in designing a sound regulatory and institutional framework for financial services supervision. The chapter also provides a working definition of "regulation" and delves into the intricacies of designing the appropriate regulatory framework. Chapter 2 analyzes the concept of an independent financial services regulator, arguing that a unified regulator that is both independent and accountable would help promote the development of a sound financial sector. Chapter 3 discusses the concept of a unified regulator, examining the question of whether every country should adopt a model of unified financial services supervision. Chapter 4 provides country studies, addressing the efficacy of the framework for unified financial services supervision in Latvia, the United Kingdom, and the Scandinavian countries. Finally, Chapter 5 defines policy recommendations and possible constitutional, and legal challenges that might be encountered when a country is considering unifying its regulation of financial services.

Suggested Citation

  • Kenneth Kaoma Mwenda, 2006. "Legal Aspects of Financial Services Regulation and the Concept of a Unified Regulator," World Bank Publications, The World Bank, number 6952.
  • Handle: RePEc:wbk:wbpubs:6952
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    File URL: https://openknowledge.worldbank.org/bitstream/handle/10986/6952/359190PAPER0Le1s01OFFICAL0USE0ONLY1.pdf?sequence=1
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    References listed on IDEAS

    as
    1. Svensson, Lars E. O., 1997. "Inflation forecast targeting: Implementing and monitoring inflation targets," European Economic Review, Elsevier, pages 1111-1146.
    2. Posen, Adam, 1998. "Central Bank Independence and Disinflationary Credibility: A Missing Link?," Oxford Economic Papers, Oxford University Press, vol. 50(3), pages 335-359, July.
    3. Marc G Quintyn & Michael W Taylor, 2004. "Should Financial Sector Regulators Be Independent?," IMF Economic Issues 32, International Monetary Fund.
    4. Taylor, Michael & Fleming, Alex, 1999. "Integrated financial supervision : lessons of Northern European experience," Policy Research Working Paper Series 2223, The World Bank.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Masciandaro, Donato, 2009. "Politicians and financial supervision unification outside the central bank: Why do they do it?," Journal of Financial Stability, Elsevier, pages 124-146.

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